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of 2011 and the run-up to the debt ceiling, and in the run-up to the fiscal cliff, excuse me, about a month idago, this idea of $600 billion in new revenue and entitlements. specifically in advance of the fiscal cliff, the white house wanted a change to the benefits formula for social security and basically be a benefit reduction over the long term for social security beneficiaries. is this just another, you know, trip down a dead end road to you or do you think there's movement on a grand bargain in the next month or two? >> i'm glad to be back on the show to qualify "the cycle" skeet shooting tournament. >> you're in. >> check out the stance, howard. >> i want to team up with s.e. of course. >> smart move. >> i called her already. >> okay. this is the -- did you say 47,000th? >> i lost count at 12,000. i'm guessing since then. >> what is whatever you said plus one. there's practically politically speaking no way that the republicans right now are going to go along with anything like that number that you put up on the screen or, frankly, any number right this minute. their mood and
with this sequester, it was a total disaster for them. then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on that kind of rationale is not a political win, not a policy win. everybody is losing. >> the "new york times" op-ed says more than a million jobs are on the line if this deal isn't made. a quote saying the losses will soon spread as contracts to states and cities are cut, education and police grants are cut, and payments to medicare providers are cut, even the aid just approved to victims of hurricane sandy will fall under the sequester's act. americans are about to find out what happens when an entire political party demands deficit reduction at all costs b
on the debt ceiling and always keeping it, well, a little racy. >> the obama administration once again finds itself locking horns with republicans over the issue of raising the debt ceiling. the amount of money the nation is legally allowed to borrow. >> oh, yeah. when it comes to raising the debt ceiling, the president is having a hard time getting it up. >> brian williams does such a good job slow jamming. that's going to wrap things up for me today. i'm going to see you tomorrow, 11:00 a.m. eastern. joining us richard bloomen thaul and debbie wasserman schultz and david ciciline and mayor greg stanton of phoenix. you should have seen the way it was spelled in my prompter. you should have seen it, alex. you can't. you know? they try to make things easier for me, and then i just mess it up. now with alex wagner coming up next. don't go anywhere. yes she is, yes she is. [ bop ] [ male announcer ] could've had a v8. 100% vegetable juice, with three of your daily vegetable servings in every little bottle. in that time there've been some good days. and some difficult ones. but, through it all,
. >> no, it's more than that, george. but let's assume because the debt ceiling doesn't kick in till august, i believe that's what we'll have, but let's add these together. let's say you're right, 30 billion. but let's -- jobs overseas, we can dial that however we want because it's all -- a huge loss of revenue, corporate jets, tehre are all kind of things that are low-hanging fruit. >> you've heard the republicans across the board here. they're saying they're done with revenues for 2013. >> george, the american people are on our side. the american people don't believe in these austere things. we believe that the rich should contribute. we believe we should fill those tax loopholes, get rid of them, i should say, and that's where we need to go. >> but that's a debate that's been had, as you know, for the last couple of months, last couple of years and doesn't appear it will get solved next month so the sequester will hit. >> george, that's what they said two or three days before the fiscal cliff. no revenue. well, we got about $700 billion in revenue. there's still more we can do. >>
these entitlements. >> first they argue the debt ceiling was their leverage. then they realize politically that was problematic for them. now that we resolved that at least for now although we still have to deal with it down the road, you've got deficit reduction that they perceived to be their leverage through shutting the government down or allowing what both republicans and democrats agree is an unacceptbly large set of spending cuts in the sequester which were designed to incentivize us to sit down. we're not going to be able to deal with this by march 2nd. let's make sure we avoid those cuts. >> absolutely. >> so here's what i think we have to look out for. i was up on the hill testifying this morning, and i'm picking up the following. i think what republicans would like to do is actually cancel the defense part of the sequestration and shift those cuts on to the non-defense side. that must be avoided. look, first of all in my view all these cuts ought to be avoided the way the president was talking about today. but what i just described absolutely must be avoided because it puts all
resolution. we seemed to have punted down the road the idea of using the debt ceiling as a bargaining chip. that's question number one. number two, can the rate of earnings grow? the earnings numbers are okay. earnings growth has slowed. can that rate of earnings growth sustain this kind of rally, these kinds of prices and evaluations. >> what do you think, kenny? >> i think it's ahead of itself. listen, the government put the sequestration and debt ceiling on vacation for six to ten weeks. therefore, the markets are concentrating right now. as we move through february, you can believe sequestration is going to come to the top again. when it does, it will have that whole sense of anxiety. >> let me answer questions. we are seeing revenue growth now. we have no revenue growth last quarter, now almost 4% in the quarter. if we get an acceleration even modestly top line growth, 5% maybe, that will go right to the bottom line. >> i want to get to rick santelli. he had an auction that went off the board. how does it look, ricky. >> doesn't look bad. we'll give it a grade in a minute. one issue m
it's not, it is always about "money". melissa: so forget the debt ceiling for a moment. we're just one month away from march 1st. that is the budget sequestration deadline. if congress fails to agree on specifically where to cut $85 billion, we're looking at automatic across-the-board cuts. house republicans made it clear they're ready to let the sequester happen. joining me now for more on this is democratic congressman curt schrader. thanks so much for joining us. what's going to happen? that's what we're all wondering? feels like we're cruising toward this deadline. what is going to happen? >> well, i'm worried, melissa, to be very honest with you. you're right if we don't get our act together do something on tax reform and the social safety net americans count on. we'll have across-the-board cuts. why do it with congress. we could have a bunch of chimpanzees to do this. melissa: don't tempt me. you sort of stopped me dead in my trackses with that one. is something going behind the scenes that we don't know about? doesn't seem like we're not getting closer. at the debt ceiling w
part of the year. we won't have to worry about the debt ceiling for a few months. the senate approved a bill yesterday for a short-term suspension of the debt limit until may 19th, easing fears of a government default. the president is expected to sign it soon. the bill also includes an incentive for lawmakers to create a budget by april 15th - or go without pay. mortgage rates are on the rise. according to freddie mac, 30- year rates surpassed 3.5% for the first time in nearly four months. the average 30-year fixed rose to 3.53%, up from 3.42% last week. the 15-year fixed jumped to 2.81% from 2.71%. the company allegedly behind robo signing mortgages is paying a $120-million settlement. 46 states will recieve a share of the payout. the company, lender processing services, is accused of wrongfully foreclosing on homes when people should have been allowed to stay. the company is accused of using robo-signing to automatically sign documents without proper review. shares of lender processing services rallied yesterday. walmart is putting limits on ammunition sales. the world's largest gu
not help existing green card holders. the senate is expected to vote later this week on the debt ceiling. the bill on the table from the house calls for a delay until may 19th on the debt deadline, which allows the treasury to continue to sell bonds to pay for bills the nation owes on money already spent. senators are also considering ways to tackle the country's budget. automatic cuts to defense and social programs could go into effect march 1st if there is no deal. as the nation's biggest biotech firms continue to push against generic drugs, the companies are taking the fight to a new arena - state legislatures. the new york times reports that drug companies are lobbying hard for new laws that would limit a pharmacist's abilitiy to fill prescriptions with generic versions of the most profitable drugs. bills have been introduced in 8 states. generic drug companies, as well as insurers, are taking steps to try and curtail the bills. federal regulators crack down on an alleged fake flu remedy. in the midst of one of the worst flu seasons in recent memory, a florida company has been sellin
to extend the debt ceiling, but another budget battle could shut down the entire federal government. rich edson is lye on capitol hill for the fox business network. what's going on, rich? >> reporter: good afternoon, jon. in a couple of days, the senate will vote on a proposal to extend the debt ceiling out til may, so if the senate does, it heads to the white house for the president's signature, and that reorders the calendar of deadlines as far as spending is concerned, so next up would be the government spending cuts, the automatic spending cuts known as the sequester followed by march 27th a large chunk of government spending authority runs out. and without an agreement the, basically, no spending agreement there you'd have a government shutdown on may 18th, that's the next debt ceiling deadline if this does manage to pass the house and the u.s. senate and go to the president's desk for his signature. analysts are saying next up now is that big government spending fight dealing with the appropriations process, and it makes it more likely now with that up next that there could be a got
. >>> and this afternoon, the senate decides whether to raise the debt ceiling for the next few months. in the bill, an interesting provision that would hold the members' pay if they failed to pass the budget by february 15th. >>> all right, tornados tearing through the south and the midwest is digging out. bill karins is sorting through this for us. >> unfortunately we had the first tornado fatality in this country in about 220 days. that had been a record. the story this morning is what's happening behind this storm that's exiting the northeast this morning. the windchills and the cold, i mean, winter has returned with a fury. it is like winter was mad at the big warm up we had a couple days ago. minus windchill of 32 in fargo. a couple spots are close to minus 50 in north dakota. a little bit of cold air in billings, but the air is not going to make it through all of the rockies. we are looking very quiet behind this big storm as we are watching cool conditions and snow flurries in the midwest. they went flying across the country. there will be major airport delays in the northeast and new engla
the debt ceiling for the next four months. in the bill, an interesting provision that with holds member's pay if they fail to pass a budget by april 15th. >>> president obama's popularity is on the rise. a "washington post" poll found his favorability rating at 60%. that's a three-year high. 37% had an unfavorable view. >>> david visitor is dismissing a bipartisan proposal on immigration reform. and vitter went after florida senator marco rubio calling him amazingly naive to believe the plan would not amount to amnesty. >>> lamar alexander of tennessee talked to chuck todd on "the daily rundown" about gun control and video games. take a listen. >> i think video games is a bigger problem than guns because video games affect people. but the first amendment limits what we can do about video games. the second amendment to the constitution limits what we can do about guns. >>> senator john mccain appeared at a breakfast in washington where he told a joke about himself and the low approval ratings of his colleagues. >> a guy ran up in the airport and say anybody tell you look like john mccain
indicators in terms of what the economy is doing. that debt ceiling vote the senate has approve it, the house already did so we can borrow morgan to pay our bills through may. congress at that point will have to deal with it again. richard? >> tracie potts in washington. thank you. new yorkers are waking up to the news of the passing of an icon, one of the city's and nation's most outspoken and popular politicians, ed koch has died of congestive heart failure. he served in world war ii and later was elected to three terms as mayor of new york city. ed koch dead at the age of 88. dramatic and contention day of testimony for senator charlie hagel. >> reporter: john mccain seized on hagel's opposition to the surge in iraq. >> the question is, are we right or wrong? that's a pretty straightforward question. >> well, i'm not going to give you a yes or no answer. >> reporter: over his 2008 comments related to israel that a quote jewish lobby intimidate a lot of people in congress. >> name one person in your opinion who is intimidated by the israeli lobby in the united states senate. >> well, first
on in the present debt ceiling controversy in washington. >> my favorite book just recently, and i tell you it is $9.95 on amazon, is president kennedy's book called "nation of immigrants." it was written in the early 1960's. it will take you a couple of hours to read it again. it is a fabulous book and makes you realize that nothing has changed in the last 50 years. he talks about why we are a nation of immigrants and why that has been the strength of america. so, yes, we are all a nation of immigrants. we should remember that in these debates. but florida has an interesting process, something the all states should adopt, but every 20 years, a group of 30 citizens are awarded by the governor, the speaker of the house, the senate, supreme court, to rewrite florida's constitution, every line of it. it does not go to the legislature. all those pesky lobbyists out there do not get a chance to lobby one way or the other. goes right to the citizens of the state. took us two years to do that. we look at these issues. in florida's constitution, a quality education is now in the florida constitution. i do b
's $16.4 trillion debt ceiling until the middle of may. that bill also requires members of the house and senate to pass a budget by mid-april or have their pay withheld. >>> well, it didn't take long for the dow to fall under 14,000, which it hit on friday. stocks taking their biggest dive of the year yesterday on worries about european issues. the dow lost 129 points and the nasdaq was down 48. >>> u.s. government is suing credit rating agency standard & poor's. the justice department says the company gave high ratings to risky mortgage bonds and those bonds then plunged in value and contributed to the 2008 financial crisis. s&p denies any wrongdoing and says the lawsuit is without merit. the government is reportedly seeking penalties of more than $1 billion. >>> and if you are the average american, about 4% of your weekly paycheck is going into your gas tank. a new government report finds that u.s. households spent an average of $2,912 on gasoline last year. we are using less gas because vehicles are more fuel- efficient but we're paying a lot mo
to raise the debt ceiling for the next few months. in the bill, an interesting provision that would hold the senators' pay if they failed by february 15th. >> the midwest is trying to dig out. what else you got? and there's more. >> wait till you see the windchills in north dakota this morning. ugly. let's start with the bad weather. over 500 reports of severe weather over the last 48 hours. now the high winds and maybe even a quick rumble of thunder is trying to roll through new jersey and head up into new england. the storms are flying, that's the good news. baltimore, maryland, washington, d.c., you're done with the heavier rains. you'll see the line through new jersey, it's heading right over top of new york city and up into connecticut and the hudson valley. this is that enhanced line here as it moves to the north. and this is just a huge system, and we're going to continue to see the winds cranking for the next 24 to 48 hours over the eastern seaboard. winds are pretty light, but boston, wind gusts of 49, hartford, 41. the windchill in roland, north dakota is minus 49. i know they
to raise the debt ceiling. >> a tornado it is being blamed for a death in georgia. homes were destroyed, cars were tossed. thousands of people are without power in tennessee. three tornadoes touched down. >> now insta-weather plus and traffic pulse 11 together. >> it was a rough night in maryland. we had anywhere from 1-4 inches of rain. temperatures right now or in the 50's. a cold front is going through. following are steady temperatures for the rest of the day. there could be some leftover rain showers. it will be a lot colder this afternoon. seven-day forecast in a few minutes. >> we have a crash northbound on 95 at 32 in howard county. three left lanes are blocked. things are moving fine. we do not see any delays. some flooding from the heavy downpours overnight. york road, we have a closure. eastbound 50, we have a crash that is blocking the right lane. some debris blocking the right lane. 65 on the harrisburg expressway . traffic is moving find in both directions. that is the latest on traffic pulse 11. >> 52 degrees at the airport. >> 11 treat designer is coming up with a plan t
, and we are going to see this in the debt ceiling. if you are right about this, there are people in trends in congress. they come from districts. they come from states where this is not their issue, so congress is polarized around the issue of poverty. we said there is a bipartisan consensus parliament does not matter. if you are right about your assessment, how do we imagine the plight of the four is going to get a dress? >> just what you have been giving these lawyers about. -- these blurbs about. people have to stop being silent. anytime i get a phone call in my office i believe at least 50 of my constituents believe the exact same thing. if you start calling your congress people and senators and saying to them you want to address poverty, trust that they listen. do not just assume or be angry when you turn on the news that television cannot talk to a spirited you have to do it yourself, because if you do not -- television cannot talk to us. you have to do it yourself. people get news media about food stamps, and everyone forgets about it. until we get more voices, until more people rea
ceiling -- the last time i checked, 87 americans did not die from the fiscal cliff or the debt ceiling. they are dying from unrestricted access to guns and congress is to blame. >> jennifer: give us some hope. if you have to put your prognosticating hat on which of the measures are going to get through this congress? will there be an assault weapons ban, background checks and a ban on high-capacity magazines. >> if general mccrystal continues to speak out that these are designed for war and maximum body damage, not for a civilized society, we might get that ban on assault weapons. we should get a universal background check for all gun sales so it's harder for criminals, the mentally ill and terrorist groups that come to u.s. gun shows because they can buy assault weapons without a background check in this country, we should be able to get that. the ban on high-capacity ammunition clips is just common sense. we should get consumer protection standards like we have for toy guns, but not real guns and then lindsay graham is so disingenuous -- he has done everything
vote on the debt ceiling in 30 minutes. what we expect to happen there and what it means for the larger budget bat until d.c. asional have constipation, diarrhea, gas, bloating? yes! one phillips' colon health probiotic cap each day helps defend against these digestive issues... with three strains of good bacteria. [ phillips' lady ] live the regular life. phillips'. behind the silver of philadelphia cream cheese. it always begins with fresh, local milk, blended with real wholesome cream. going fresh from the farm, to our fridge, in just six days. because we believe in fresh taste. that's the way we set the standard for intensely rich, luscious flavor. so our story of fresh taste always ends... deliciously. when it comes to taste, philadelphia sets the standard. >>> in the next hour, the senate is expected to vote on and pass the house's debt ceiling deal. a bill that su spends the debt limit for four months and foregoes the threat of default but doesn't end the fiscal threat. sequestration looms large over the capitol. a provision in the bill being voted on today would whoeld house and
off the debt ceiling fight they'd be able to take control of this issue. >> let's play what mitch mcconnell said just yesterday slamming the democrats for floating new revenue proposals. >> this is just another opportunity to trot out the democrat focus group approved policy stunt. if this is another fake fight designed by the white house to push us to the brink, then republicans are really not interested in playing along. >> molly, another fake fight. as it was described by mitch mcconnell there. but we know when you look at polling and watched since the end of the year, the polls show it's republicans who come up short where people believe they're presenting the fake fight, at least some of the polling. >> well, it is interesting to hear mcconnell describe it as focus group approved. they believe public opinion on their side and if there is what is viewed as gridlock and dysfunction in washington, republicans are blamed by that. i think the white house concluded, looking back on the last four years, that every time republican sort of faint and clutch their pearls about my gosh, he'
amini fiscal cliff but this morning, there is a resolution in the debt ceiling debate, at least for now. we'll have the details coming up next. >>> d.c. is a town known for its d.c. formalities and fancy culture but it has always had an impressive music scene too. we'll show you how an impressive piece of it is being honored. [ male annncer ] pillsbury grands biscuits. delicious. but say i press a few out flat... add some beef sloppy joe sauce... and cheese fold it all up and boom! i just made an unbeatable unsloppy joe pillsbury grands biscuits. let the making begin. faster than mandy can hang up on mr. monday. you hang up first. [ female announcer ] in just 60 seconds, you've got snack-defying, satisfying totino's pizza rolls. [ ringing ] it's on. let's roll. >>> the senate has approveda bill to temporarily let the government keep borrowing money. the bill postponed the debt ceiling debate until the middle of may. it is call the no budget no pay bill that requires lawmakers to pass a budget or their paychecks will be withheld. the white house says president obama will immediately sign
as they do oh, so well, kick the can down the road approving the debt ceiling show down until may. it was a 64-34 vote on the way to president obama who says he will sign it into law allowing uncle sam to borrow hundreds of millions of dollars more to meet obligations. without this legislation, the government would have surpassed its $16.4 trillion debt ceiling next month. just avoided that. more to come this hour including the latest on china hacking into our computers, and more than $7.5 trillion. that's how much money was pumped into this economy in five years. where did it go? did it do any good? i'll break it down, next. ♪ not their short-term agenda. [ male announcer ]oin the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon
with the debt ceiling negotiations. maybe some other kind of macroevent. last night saying to me, wouldn't it be ironic or weird if the big pest thing that happened hurricane the biggest fear of macromelt down never happened but instead what we got is boring old no growth? something nobody was really set up to deal with right now. that is not the dominant emotion. right now the jeep feeling is the bulls are still in charge. a lot of e-mails about siegel, jeremy siegel, 70% chance the dow will hit 15,000 this year. that was widely commented, to me at least, this morning. he sees a big increase in consumer spending. says the housing recovery is going to continue. home builders had good numbers but they are down. remember, the problem suspect the numbers they are reporting, it's the valuations. we've had pulte with good numbers, merit tash, the numbers, two times book for most of the home building companies. two times book for most of the home building companies. women pool, the guidance spectacular, 9.24 to 9.75. right now, still at 9.25. >> 19 1/2. >> to 19.75 on tri pointe homes. guys, b
forward on that. we need to raise the debt ceiling and stop playing politics with this, but let the house of representatives get moving on the issues that affect everyday americans. that's all about jobs, that's all about this economic recovery. madam president, i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: mr. brown: madam president? the presiding officer: yes, the senator from ohio. mr. brown: i ask unanimous consent to dispense with the quorum. the presiding officer: without objection. for the senate, the letter of resignation of senator john f. kerry of massachusetts, effective friday, february 1, at 4:00 p.m. without objection, the letter is deemed read and spread upon the journal. mr. brown: madam president, i ask unanimous consent the judiciary committee be discharged from further consideration of s. res. 14 and the senate proceed to its consideration. the presiding officer: the clerk will report. the clerk: s. res. 14, raising awareness and encouraging prevention of stalking by designating january, 2013, as national stalking a
you go to 2011 and see that seven months was dedicated to arguing about the debt ceiling. the debt ceiling, which does not one thing to add to the budget deficit. not one nickel of spenning, it's agreeing to pay the bill. we waited seven months and threaten ord credit rating. the american people are sick of that. they want action. they want their taxes low, as we just saw happen reinly in avoiding the fiscal cliff -- which came as i might add through bipartisanship. the republicanses came through with the table to what obama proposed and he compromised with raising it to the $4,000 level. that's the action that people want to see. >> speaking of our president, he said during obamacare, oh, you're premiums wouldn't be raised. sorry, david. that's exactly what we are seeing -- >> when 2014 comes along -- [overlapping dialogue] >> americans are not able to keep their health insurance. another thing the president promised. >> i have to say, after an absence of david being out, with personal issues and health issues, we are glad to see you back. >> it's a pleasure to be back. >> happy t
with this recent debt ceiling vote. i think, basically, business is going to have to come forward like with regard to the debt ceiling and say look, you can't do this. you are going to wreck the economy of the united states and wreck the economy of the world. i'm hoping that we won't get there. but, alex, i have to tell you, it would not shock me if we do. >> okay. let's switch gears. on the heels of the senate confirmation hearing for chuck hagel, has the political climate changed with the new members of congress on board? >> well, you know, with regard -- first of all, with regard to chuck hagel, the media basically reported that he got beaten up pretty bad. i didn't see it that way. i thought he held his own. i anticipate that we will have a lot of motion, commotion and emotion but chuck hagel will be confirmed. he'll do a great job. after all, the president should have the persons he wants to carry out his policy. i think that will be the case. with regard to the new congress, we have to have a wait and see situation. the number of tea partiers lost their seats. they're still a strong force in
happening. >> steve wood, always excellent. ashley: good stuff, sieve. now to the debt ceiling talking about washington. the senate is expected to vote on a temporary measure. rich edson in washington with more on that. rich. >> senators will likely pass the debt ceiling increase this afternoon and the president is expected to sign it extending the debt ceiling through may 18th and paving the way for the next washington fight, spending. >> the republican playbook of continuing complaining about spending is something we know we have to do something with spending. >> there are two things we know about tax increases for sure. first, they reduce jobs and hurt economic growth. and second, they distract us from addressing the real problem which is spending. >> so automatic spending cuts known as the sequester begin in march and a large forges portion of government spending authority runs out on march 27th. if lawmakers fail to reach a spending and budget deal we'll have another government shutdown then. president obama is allowing his jobs council to expire. the 2-year-old council including busine
't lose those spending cuts. that was to pay for the last debt ceiling increase, let aloney future increases. we're not interested in shutting government down. what happens on march 1, spending goes down automatically. march 27th is when the moment you're talking about, the continuing resolution expires. we are more than happy to keep spending at those levels going on into the future while we debate how to balance the budget, how to grow the economy, how to create economic opportunity. >> all right. now let's put this in context and think about what congressman ryan from wisconsin is really saying. republicans backed off their debt limit threat because they knew it was a political loser. and now they seem to be backing off their threat to shut down the government. sequester? well, that's another matter. if congress does nothing, the cuts take effect. republicans don't want defense cuts, but they might be willing to stomach those cuts because domestic programs would also get slashed, including medicare. and that's what republicans really want. let's turn to barney frank, former mass
would be that much under the debt limit. plus, the debt ceiling simply says we're not going to pay our bills. it just is illogical to say that's to pay for that. that's like going out and incurring costs which all of us did, republicans and democrats together, and then saying oh, and by the way, i'm not going to pay my bill unless you do me this enormous favor. but the other point i would make is this. he talks about, we need tax reform. the biggest single abuse in the tax code today, and it's a tough contest, is the one that says the richest people in america who run hedge funds can treat their earned income as if it were a capital gain. they call it carried interest. >> yeah. >> it means the rest of us are carrying them. and we voted to reduce that. and paul ryan boxed it. he is against that. and if you remember from that interview, he did not give a single specific about a tax break he wants to end, and he talked about cutting entitlements. >> he is up front saying no more revenue. i mean, that's their position on that. now, they've backed off the debt limit. now they're backing off
. eventually we'll have to deal with spending cuts and the debt ceiling debate. whether or not that's it. for the meantime, the markets run a long time just because they are soaking up all the stimulus from the fed. >> a lot of stimulus from the other central banks cutting trase today. greg, you want to get in front of this train and fight the fed? >> yeah, i think that the fed is going to continue pushing pretty hard this year but equity investors have to take a look at what's in the fed's tool backs and realize they have shot every arrow that they have got. they will keep gig qe this year, maybe another $1 trillion but even inside the fed there's doubts about how much more effective will be at this stage, what, with long-term interest rates as low as they are. tomorrow i don't expect any fireworks from them. i'll be interested to see how they characterize the economy, whether they are getting more comfortable with it now that we have the biggest piece of the fiscal cliff out of the way or whether they are still concerned that employment is sluggish an inflation is tracking kind of low.
the dysfunction in washington as much as we were even though we do have the debt ceiling fight on the horizon. that's taken a back seat to this momentum in stocks. >> yeah, absolutely. i think that investors should be braced for a potential pullback, but trying to trade it i think is perilous. look, would i have expected a fairly significant pullback in december based on the uncertainty of the fiscal cliff debate. it didn't happen. i think that we were at that time telling our clients to look through the potential weakness and focus on the value and the fact that equities are very likely to be higher in a year from now, concentrate on the longer run, invest, don't trade and we think you'll be well served by that. >> give me your best idea right here then, eric. >> well, i think equities. simply the equity trade. >> what do you remember want to do, etfs, my spector sectors, etfs, how do you do it? >> very broadly. we're an active manager and use a multi-manager approach so we're broadly diversified across countries. emerging markets looks better than developed and procyclical stocks look bette
, the united states senate has just voted to extend the nation's debt ceiling for multiple months. the new deadline now will be may 19th, and that tees up now the next fiscal fight here in washington which will come on march the 1st. it will be over the so-called sequester. all of those automatic spending cuts, will they be allowed to go into effect? that will now be the next big question we wrestle with here in washington, maria. >> thanks so much. >> january jobs figures taking center stage first thing tomorrow morning as the white house shutters its jobs council. hampton pearson on what's sure to move the markets. >> reporter: hi, maria. tomorrow's job reports will have two part, the headline numbers on jobs and the unemployment rate. our cnbc survey predicts employers increasing non-farm payrolls by 1 of,000 jobs versus 155,000 in december. the unemployment rate holding steady at 7.8%. now today we heard that first-time unemployment claims actually jumped by 38000 to a seasonally adjusted 368,000, that according to the labor department. lost in yesterday's focus on negative gdp was the
and studentwhat sparked the attack ahead. >> the senate approves a plan to address the debt ceiling. and if they don't. how lawmakers will be paying the price. [ female announcer ] this is a special message from at&t. [ male announcer ] it's no secret that the price of things just keeps going up. [ female announcer ] but we have some good news. it's our bundle price promise. [ male announcer ] a price you can definitely count on for two whole years. from at&t. call to get u-verse tv starting at just $19 a month with our triple-play bundle. get the same great price for two years. plus now two times the internet speed than before. [ female announcer ] switch today and get a total home dvr included for life. [ male announcer ] you get reliable high-speed internet on our advanced digital network. choose from speeds up to 24 megs. [ female announcer ] and with u-verse tv, you can record four shows at once on your total home dvr and play them back in any room. [ male announcer ] so call now. u-verse tv starts at $19 a month with our triple-play bundle, with the same great price for two ye
into further deficit and debt. >> obviously democrats would prefer a longer suspension of he debt ceiling which would provide additional economic security and stability as we continue to find ways to decrease the deficit. raising the possibility that the u.s. could default its obligations every few months is not an ideal way to run government but a short term solution is better than another imminent manufactured crisis. >> holman: the house already passed the bill. without it, the government would default on its obligations as early as mid-february. in economic news, americans' personal income grew in december, by the most in eight years. but first-time claims for jobless benefits were up last week. and on wall street today, the dow jones industrial average lost nearly 50 points to close at 13,860. the nasdaq fell a fraction of a point to close at 3,142. blinding snowfall and a slick freeway triggered a mile-long series of crashes in detroit today. at least three people were killed and 20 more injured. the pileups left a section of interstate 75 littered with wrecked cars and big-rig trucks. th
the debt ceiling debate. the bill requires lawmakers in both chambers of congress, to pass a budget by mid-april. or have their pay withheld. the measure now advances to president obama's desk to be signed into law. >> the next time a child is abducted near you, your cell phone may shriek to life with an alert message. a new national amber alert system officially rolled out to millions of cell phones. the alerts are automatically active on most newer phones. and they've already taken tens of thousands of people by surprise. the newly-expanded emergency alert system is one way fema is trying to update how it reaches people with new technology. >> today marks the 10th anniversary of the space shuttle columbia disaster, which killed all seven crew members. following the disaster, nasa re-named a weather balloon launch facility to honor those on the shuttle. with the large amount of debris that fell nearby, the facility became a makeshift collection site. today the balloon facility is one of 62 launch sites in the world, which send large balloons with scientific payloads at the bottom into the
spending reforms in areas like debt. extension of the debt ceiling for two years. clarification on europe. first, the recession needs to stabilize, but beyond that, policy initiatives clearly indicate a road to political and fiscal and banking reforms and an indication that europe is serious about improving competitiveness. resumption of growth in emerging economies, like china, and finally the federal successfully engineering a modest increase in interest rates without unleashing runaway inflation. maria, these are tall orders, i know, but resolution of all these issues would be a huge boost to business confidence, capital expenditures and hiring would increase dramatically and revenues would rise, and that's what we need, maria. back to you. >> that's some list, bob. >> pretty ambitious. >> we'll be watching that. not everybody is buying into this bull market theory, by the way. pimco's bill gross is actually warning investors to be afraid, and i mean very afraid, of how inflation and the flood of cheap money will impact investments from here on out. bill joins me exclusively from pimco
was cantor, who fought the president on the debt ceiling. he called the obama administration the imperial presidency. he stepped out today to show there are no rough edges in this republican party. let's listen to cantor today. >> we'll advance proposals aimed at producing results in areas like education, health care, innovation, and job growth. our solutions will be based on the conservative principles of self-reliance, faith in the individual, trust in family, and accountability in government. our goal is to ensure that every american has a fair shot to the earn success and achieve their dreams. >> what a cover-up. your party ought to be ashamed of itself. you spent months in every state legislative capital trying to keep black people and poor people from voting or young people. now you're out pretending that you care about opportunity in america. it's an absurdity eric cantor -- >> the speech by eric cantor was a very good speech. >> if it wasn't given by him maybe. >> eric cantor is a good guy. he's got a family. he cares about this country. he's a patriot. he cares about making gover
something on sequester or the sky will fall. we have to do something on the debt ceiling or the sky will fall. we have to do something on the continuing resolution or government will shut down and the sky will fall. where do you draw the line? we have a $16 trillion debt in this country. we've got to take a stand. >> howard dean, let me go to you on this because actually you're a tight fisted guy. if i understand it, you want the sequester to go nthrough. $85 billion this year. a little less than 2.5% of the $3.8 trillion budget. if you take out entitlements, then it becomes about a 6%, 7% or 8% cut. what's wrong with that? we're in trouble. doct why can't we do it? >> the sky will fall if you don't deal with the debt ceiling. but i think unfortunately, this is the price that we pay in the fiscal cliff deal. the democrats paid. i said at the time that i thought it was a short term victory for the democrats, but a long term victory for the republicans because we gave away our leverage on tax increases. so, sure, i have no objection to giving away the carried interest on some of the p
the debt ceiling compromise passed the senate. that's a fiscal crisis temporarily averted. it comes just a day after we learn that gdp, that's the mesh shush of how well our economy is performing, contracted by 0.1%. here is how some of the financial media covered it. quote, the best looking contraction in gdp you will ever see. and, quote, don't freak out about gdp. so what's going on here? less government spending happened. primarily in defense. that overshadowed more spending on the part of consumers and businesses, which is what these reporters were actually looking at. for more we go to jared bernstein a senior fellow on the center of budget and policy priorities and jonathan capehart a political opinion writer for "the washington post." welcome to both of you. >> thanks, karen. >> okay, jared. you know i like to come to you with these kinds of things. say what? it's good but it's bad? explain that one to me. >> well, sure. i mean, i already knew we were growing slowly. in fact, i'd say too slowly. i didn't think the economy was actually contracting before yesterday's report for the
over the budget. republicans acted in that direction by putting off the debt ceiling a couple of months until may as hampton mentioned a minute ago. the president is going to propose the same thing on the budget sequester but not, according to a white house official, laying out his own plan. he's going to call on congress to do that and expected response from republicans, tyler, is, hey, mr. president, where are your cuts, we want to see them. >> john harwood, thank you very much. once again you will see the president's address live right here on "power lunch" in just a few moments. before that occurs, we have a triple digit advance. the market added to advances a few moments ago when we got budget figures. the dow up 109 points. the nasdaq up 34 and the s&p 500 is up 14 points. more on the trading action right here from bob pisani. he joins me on the floor of the nyse. it's almost like yesterday didn't happen. >> the important thing is, i know it doesn't seem terribly exciting but we are 14,000, we're a couple of points from a historic high from the dow jones industrial. we've been up
is exemptioned to vote today -- scheduled to vote today to increase the government's debt ceiling. it would allow an estimated 450 billion dollars in new debt to be added to the ledger. the house passed the measure last week. >>> prosecution star witness in the phylicia barnes' murder trial took the stand. james lee claims he saw her dead body in michael johnson's apartment back in 2010. he is charged with the teen's murder and his lawyer tried to discredit lee as an uncredible witness. >>> 35 police recruits are graduating today from the maryland transportation authority police training academy. they're going to be assigned to places like bwi airport and the port of baltimore. >>> and listen to this. a century old nickel is worth a lot more than five cents. the 1913 liberty head nickel goes on auction today or rather next month and it could sell for as much as $5 million. again, this is a nickel. there's only -- there are only five of its kind in the entire world. >> millions, unreal. >>> give yourself extra time this morning when going to work. some of the roads will be underwater and you'll pr
final approval today to a measure that would at least put off the debate over raising the debt ceiling. this measure suspends the government's borrowing limit to may 19th. the national debt will be pushing $17 trillion. in other words, it's really washington's version of kicking the can down the road. the president is expected to sign this bill immediately. >>> now to the economy and the financial markets. stocks fell a bit today with all three major indexes modestly lower. but for the month, the dow was up almost 6%, the best since january in '94. nasdaq gained 4%, s&p just over 6. its best january since '97. what is the market surge trying to tell us when mixed in with some bad news out there, as well? and on the eve of another big jobs report? our report from nbc's tom costello. >> reporter: 25-year-old kory wilson can tell you, it's not easy looking for a job. she has applied for 200 since earning a master's degree in public relations last may. >> being a post graduate, either i'm overqualified or i'm underqualified. >> she is looking for work, but the economy seemingly poised to e
the nation's debt ceiling. they passed a bill that exends the ability to borrow new -- extends the ability to borrow new money. the measure suspends the $16.4 trillion debt limit and requires congress to pass is a budget by april. >>> judge in san francisco heard arguments on a motion to throw out the city of oakland's lawsuit. the feds want to sees the property because they say it is in violation of the controlled substances act. the city sued saying it would create a problem for people who need marijuana to treat their medical conditions. the judge did not indicate when she would rule on the motion. >>> this is not your grandfather's world, still ahead. >> get to know them better. >> some children take on police officers on the basketball court. but it wasn't all about hoops. the bigger message game. >>nd how much womber can the temperatures -- warmer can the temperatures get and will it last into your bay area weekend? i am back here in 10 minutes with all the details. hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still
talking with the senator, the debt ceiling crisis could soon be resolved at least for now. the senate set to vote on a bill to raise the federal borrowing limit just temporarily. we're live in washington with that story next. eat good fats. avoid bad. don't go over 2000... 1200 calories a day. carbs are bad. carbs are good. the story keeps changing. so i'm not listening... to anyone but myself. i know better nutrition when i see it: great grains. great grains cereal starts whole and stays whole. see the seam? more processed flakes look nothing like naturalrains. you can't argue with nutrition you can see. great grains. search great grains and see for yourself. for multi grain flakes tt are anxcellent source of fiber try great grains banana nut crunch and cranberry almond crunch. making the big romantic gesture. that's powerful. verizon. get a nokia lumia 822 in red for free. jon: fox news weather alert. a powerful storm system sweeps through the southeast, leaving widespread damage in its wake. tornados, flipping cars and flattening homes in bartow county, georgia, yesterday. at least one
it and it extends the debt ceiling through may 18th. it requires both the house and senate to approve the budgets or face the loss of their paychecks. >>> salvatore has made some new controversial comments about same sex marriage. in an interview, he said and i am quoting legislating for the rights of the same sex people to mare is like legal -- mary is -- marry is like legalizing male breast-feeding. they used the term gay marriage too much. >>> and former raider harris spoke out and it landed him in jail. dimitri said he is suing harris for 20 - $30,000 in medical bills. guyer reportedly needed surgery after he punched him several times out of side of a -- outside of a restaurant and he reportedly needs surgery. >>> now 26 survivors will head to the super bowl to sing america the beautiful. they will perform before alicia keys sinks the national anthem. >>> wine sales are up and so are final shares. this is up 2% from the year before. they now have all wine sales in the u.s. that gives them relatively stable prices and a wide variety to choose from. >>> nice, 18 minutes after 8:00 and if you a
for temporarily suspending the debt ceiling debate. the bill requires lawmakers in both chambers of congress, to pass a budget by mid-april. or have their pay withheld. the measure now advances to president obama's desk to be signed into law. the road to confirmation will not be a smooth one for former senator chuck hagel. hagel is president obama's nominee to be the next defense secretary. the first day of the confirmation hearings were confrontational. some lawmakers picked apart hagel's record. and his positions on key issues. facing his critics, the former senator had this message to lawmakers today on capitol hill. we cannot allow the work of confronting the great threats we face today to be held hostage to partisanship on either side of the aisle. the stakes are too high. and other critics say, he has expressed questionable support for israel. despite mainly republican and conservative detractors, hagel is expected to win confirmation. even national polls show most americans support hagel's nomination to replace outgoing secretary leon panetta. >> jacqueline: we will see some fog to th
how quiet things have become about what a huge story we had a month ago? what fiscal cliff? what debt ceiling? it looks like someone in washington is doing a big messaging switcheroo. they don't want us talking about how badly they have mismanaged our nation's finances. instead, let's get people talking about something that is also important, freedom, freedom to bear arms, freedom for people to travel to and from our country. well, the president can pretend he is a big skeet shooter, but it is insulting to think you will notice your paycheck has shrunk as a first of the year. melissa: and be sure to watch the tom sullivan show this weekend at seven and 10:00 p.m. on saturday and on sunday at 7:00 a.m. and 7:00 p.m. eastern. what do you think of the market? 14,000, up next week, the dow? >> we are rich. okay. i think it will bring people into the market. probably good. chase the market up as the money comes in. melissa: absolutely. all right. have a great weekend everybody. we'll see you back here monday. ♪ w w w w w w w w w w w w w w we cavuto show. >> super bowl weekend. you going
, a major funding bill expires. the debt ceiling fight will resurface in the summer. >>> new polls showing the nra's opposition to reforming certain gun laws isn't registering with the american public. according to polling, more than 90% of voters in three states say they support wider background checks for people buying weapons at gun shows. that includes voters who live in households with a gun. when it comes to the question of armed police in schools, more voters in virginia, new jersey, and pennsylvania support the idea than oppose it. the board of education in new it is town, connecticut, is requesting funding for armed police officers in four elementary schools for the next school year. in chicago, meanwhile, mayor rahm emanuel is moving 200 officers from desk duty to the streets amid the city's most violent months in decades. 42 people have been murdered this year including 15-year-old who was shot dead this week while hanging out with friends in a park. >> when any young person in our city is gunned down without reason, their death makes an impression on all of us. and it demands a
the debt ceiling. this bill was passed by the house last week. it would extend the federal government's borrowing limit of $16.4 trillion through mid may. without this bill, the government will default on its obligations as early as mid- february. president obama is expected to sign the bill into law as soon as it reaches his desk. >>> still to come when the news continues, the doctor is in. today dr. phil talks to the man behind the notre dame girlfriend hoax and we're going to have a live interview with dr. phil coming up in about 15 minutes. >> but first, see what happens when our own jc hayward meets members of a popular cbs talk show covering super bowl sunday [ male announcer ] when your business is powered by verizon, you can do more business per second. and with more reliable internet, that's more per second. and with a dedicated line, it's more per second. and with an additional line, it's more... table for 15? [ male announcer ] ...per second. but most importantly, it's more... mmm! [ male announcer ] ...per second. get verizon high-speed internet and phone for just $84.99 a
-may. it effectively suspends the 16- point-four trillion dollar debt ceiling in the meantime. in exchange. the bill requires congress to pass a budget by mid-april or have lawmakers' pay withheld. the budget for 2014 was supposed to be delivered by the president to congress yesterday but insiders say it'll probably be delayed until sometime in march. the u-s justice deparment has filed a civil lawsuit against the "standard and poor's" credit rating agency. the lawsuit accuses s-and-p of ingoring credit risks in order to favor the interests of large investment banks and others. s-and-p and other credit rating agencies have been criticized for giving high ratings to subprime and other mortgage securities. which lost value and contributed to the financial crisis. s-and-p officials denied any wrongdoing. according to a new study chicago has one of the most unpredictable commutes in the nation. the new study, called the "urban mobility report" recommends quadrupling the amount of time you should give yourself for your commute. researchers say if you plan your drive expecting normal levels of traffic you
for biotechnology, information and analysis, "biocentury this week." >>> congress has postponed the debt ceiling crisis. now the focus in washington has swung back to budgets and deficits. the nation is heading toward budget sequestration. for medicare this means a 2% spending cut. but that's just a downpayment. any serious attempt to tackle the deficit must curb the increase in medicare and medicaid spending. last week a kaiser family foundation report listed 150 ideas to reduce medicare spending. the problem is almost all of
hill. the senate will decide whether to put off the debate over the debt ceiling until spring. it will vote on a bill to allow government to keep borrowing money without congress' permission until the middle of may. the house already passed the legislation. president obama said he will sign it if the senate fails -- rather, if it fails in the senate. the treasury warns the government may not be able to pay its bills in a matter of weeks. >>> 4:34. chuck hagel will tell a senate committee why he should be the next defense secretary. the senate armed services committee will hold hagel's confirmation hearing. the former republican senator and vietnam veteran will likely face tough questions, especially about his stance on israel and iran. he prepared by meeting privately with more than 50 senators and leaders of public interest groups. >>> right now, vice president biden is preparing for his first trip overseas for the obama administration's second term. he leaves today for europe. the white house says he'll visit germany, france, and the u.k. the vice president's first stop will
the fiscal cliff crisis and the debt ceiling drama, now president obama is calling on congress to get past the next term we all need to turn, the sequester. big, across-the-board spending cuts that are due to take effect the 1st of march. the president called today for a limited package of spending cuts and tax reforms to avoid the deadline. republican speaker of the house john boehner rejected that, saying republicans want a bigger agreement on a long-term deficit reduction plan. the white house also announced today president obama will be going to israel this spring for the first time since taking office. israeli media say he's due to arrive march 20th. though the white house would not confirm any of the travel dates. >>> we are learning much more tonight about the breaking story we brought you here last night. the dramatic rescue of a 5-year-old boy, after a standoff in alabama that lasted almost a week. nbc's gabe gutierrez is with us tonight from midland city, alabama. gabe, good evening. >> brian, good evening. today ethan's mother broke her silence. in a written statement she said i
to pay the nation's bill. the senate passed the bill to raise the debt ceiling. without it, the government would have to default on obligations as soon as mid- february. >>> one of d.c.'s area neighborhood advisory commissioners wants to limit the sale of ski masks. >> this comes after several people were robbed by gunmen wearing ski masks. gary nurenberg has the story. >> reporter: a prince george's county armed robbery. can't see the guys because of the ski masks. a 7-eleven robbery, three guys, can't see any of their faces because of the ski masks. d.c.'s fourth police district. look at the list serve and you see? >> a number of reports that people are assaulted with folks with ski masks on, black ski masks. >> reporter: neighborhood advisory -- this woman should know. >> i saw the man pulling a ski mask over his face and standing in the middle of the road in my path. and so i basically focused on his face between the parked cars and him and that car took off really fast. >> reporter: a week ago tuesday, 13th and varnum, armed robber, ski mask, woman loses her purse, can
what is happening here in washington and the uncertainty over the debt ceiling. hallie jackson come wbal-tv 11 news. >> seeing a shift for the super bowl. the commercials are more of a start than the players. jane king has the bloomberg business report. veggies over pizza? >> i know. i'm not sure if i believe that. lockheed martin is seeing record profits on the horizon. the cfo says the company is not looking at any planned job reductions. facebook is trying out gift cards to get users stay on the site longer. now they include target. a down day for the markets yesterday. futures this morning are looking positive. we do get the january jobs report ahead of the opening bell. an executive says under armour is looking to hire outside talent this year and looking to beef up their presence overseas. ravens fever is sweeping baltimore. 91% of the people watching the game are looking for to the commercial. ads to be aer the a big part of the game. at the new york stock exchange, i'm jane king, bloomberg news, for wbal-tv 11 news. >> now weather and traffic together on the 1's. >> good mor
. they just put off the debt ceiling problems down the road. sequestration still happening on march 1, that hasn't gone anywhere, yet this study says 57% of small business owners expect the financial situation to be buried to so much good. both are the same number of jobs at their company makes your year overall as there were last year was to me is very optimistic. but they just happen to not be firing anyone. if that optimism? >> what is happening, you technically feel better, but you still have eye problems. optimism is not here. a look at the projections and say we can make this happen. we're reminded we have to keep for a few weeks longer. melissa: you have to have a lot of courage, and perhaps things have been tough for so long it is kind of the new normal, the new year, maybe they are marginally better or a lot better, i don't know. am i getting anywhere? >> you're right, have to be optimistic optimism. melissa: talking to one of the fundamental problems which is people being overeducated for the job they have. almost everybody has a bachelor's degree of some type, you can get t
and we have a previous conversation with how we are going to fund the government and the debt ceiling crisis. we are looking at a long set of crisis here and trying to figure out how we will fund the government again beginning at the end of march. the sequester that supposed to go into effect. all of the administration is talking about how can we spend more money. what we saw is that it gave proof that our economy is depending too much on government spending. that our economy is living on borrowed time. also borrowed money. it feels like we have been drinking coffee in order to stay up all night. we know that is not sustainable. it is not sustainable for us to continue to borrow at this rate. we will start to see our economy contract if we don't get things under control. we have to address the fiscal matters anyway to cut spending. otherwise it is going to be even worse. charles: you started to talk about this. it feels like the economy ultimately has a price to pay. >> home ownership levels are dropping in this country. rentals are up. people are choosing not to own a home home anymo
that had already been approved in the house that extended the debt ceiling until late this summer. it was the right thing to do. it was the right thing to extend the debt ceiling of our nation because it allows us to pay the bills that we have already incurred. there isn't one dime of new spending that's authorized under the legislation we approved. my only regret is that we didn't extend it for a longer period of time, giving greater certainty to the financial markets. for you see that if we were to ever violate the debt ceiling, the consequences would be that the taxpayers of this country would have to pay more for the obligations of our nation and interest costs. it would permanently damage the reputation of this nation as far as our ability to pay our bills. it would be counterproductive to everything we're trying to do to help the taxpayers of america. so it was the right thing for us to do to extend the debt ceiling, but we still have a lot more work we need to do. our current accumulation of debt is not sustainable. we can't continue to spend what we're spending today and c
in the gym until they could be reunited with their parents. >>> the latest debt ceiling battle is over for now. tonight the senate approved a bill that will suspend the $16.4 trillion debt limit. montana senator said failure to pass that bill would have set off an unpredictable financial panic, the government would have gotten into its first-ever default if no action was taken. this is only temporary. another deadline could come up by august. >>> if there's not a new bill, the u.s. -- the joints chiefs send a letter to congress warning about budget cuts set to go in effect in march. they say aircraft would be grounded, and ships would have to return to port. they also expect to furlough 800,000 defense workers. >>> chuck hagel was put on the spot today, put into defensive motor. danielle leigh is on capitol hill. >> it was quite a long day. that hearing started at 9:30. it's just dmou wrapped up. it was the first time the former senator had publicly responded to some of the his staunchest critics. and he spent a lot of time clarifying, even retracting some of hess pastingses. early on
. a political crisis over the debt ceiling might be further off than you think. chief congressional correspondent mike emanuel tells us about an idea to push the deadline the summer. >> sources say treasury officials told them to extent the debt creeling to mid-may could be stretched so the next deadline for action won't be until august if the senate passes the bill. to buy more time, they say extraordinary measures can be taken. the senate republican leader calls the debt crisis a chance to make the both leaner a more efficient. >> reducing the debt we eliminate an additional drag on the economy. so this isn't a conversation about austerity. it's a conversation about growth. and opportunity. >> republicans say part of getting the nation's fiscal house in order requires cutting government spending. democratic talking point this week is spending isn't the problem. it's the media. >> i am not going to keep cutting the discretionary budget which by the way is not out of control. despite what you hear on fox news. >> though this graphic from the office of management and budget shows the
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